Models are all around us - in particular in financial services - and yet the management of model risk has been considered a relatively arcane subject. In this session, two well known speakers from a banking and regulatory background, Vijay Krishnaswamy and Alan Forrest, will provide their insights on how to deal with model risk and specifically how it can be measured and managed.

Location

The Department of Econometrics and Business Statistics (EBS), Monash University, is proud to host the 5th Australasian Actuarial Education and Research Symposium in 2012. This year’s Symposium will be held at the Monash Conference Centre from 6 to 7 December 2012. This event is sponsored in part by the Actuaries Institute. The theme for this 2012 year’s Symposium is: International trends in actuarial education and research. Submissions are now being accepted for presentations and close on October 21, 2012 For more information on presenting and to register, please visit the website: http://aaers2012.com/

General information

Organiser:

Department of Econometrics and Business statistics (EBS) Monash University

The Monash Conference Centre is situated at the 'Paris End' of Collins Street amongst Melbourne's busy corporate sector. The Centre boasts superb views over Melbourne's central business district and is the ideal location for meetings, conferences, seminars and training sessions.

Would you like to hear about some new approaches to handling strategic risk that are being piloted by GAD in some Government bodies?

Would you like to hear about good positive feedback being received and understand why the approaches can help improve the value that non-executives can give to Board level risk management processes?

Would you like to understand why an expert academic has commented on the approach by saying “The Government Actuary has some very interesting and important insights into the HILP (high impact low probability) issue”?

Do you know the difference between a Cassandra event, a Damocles event and a Pandora event?

If not and you would like to find out, come along to the Open Forum on the 6th December given by Trevor Llanwarne and Colin Wilson from the Government Actuary’s Department when all of the above, and more, will be revealed.

This is not a technical forum but a forum for decision makers and advisers and all those interested in the practical application of risk management at senior level.

Open forum events are free to attend, please use the link below to book your place.

Location

This event is no longer available for online booking. Please contact Waleed Soliman for further details.

Why attend this event?

Microinsurance is the latest in a line of ‘micro’ products, for example microfinance and microcredit, that have been developed to help low income people in developing countries achieve greater access to financial services. Unfortunately, microinsurance products have often been developed with limited or even no actuarial input partly due to a lack of affordable actuarial expertise in many developing countries.

To help to address this lack of actuarial resources the UK Actuarial profession has been working with the International Actuarial Association and the Microinsurance Network to develop some actuarial training modules which will help educate microinsurance practitioners in how to set robust premium rates and set the appropriate level of reserves.

The first two modules, covering credit life and agricultural insurance, were launched at the International Microinsurance conference in Tanzania in early November. This event is aimed at a UK audience who would like to know more about these modules and the plans for future developments.

There will also be a presentation from a UK actuary who has been working on microinsurance projects.

Who should attend?

Although this event is organised by the microinsurance member interest group it is open to all actuaries and students who are interested in microinsurance or more generally interested in how actuaries in the UK can help low-income people in developing countries.

Location

Following a very successful inauguration event last year at Staple Inn, the Chinese Actuarial Network in the UK (CANUK) is delighted to partner with the Actuarial Profession again to celebrate its first anniversary.

There will be free admision for all CANUK members and honoured guests on a first-come, first-served basis, but please register your attendance on line to avoid disappointment on the night!

Star Actuarial has kindly sponsored the event and is offering a prize for the best question of the evening.

Programme:

18.00 - 18.30:

Registration

18.30 - 19.00

Networking and refreshments

19.00 - 19.20

CANUK's President's speech by Feifei Zhang, CANUK Committee

19.20 - 19.50

Keynote speech by David Hare, President Elect, Institute and Faculty of Actuaries

This event is aimed at those who are trying to gain a range of perspectives on the emerging market for trading longevity risk. Panellists from different backgrounds will present their views on a number of issues such as: Overview of the market and its economic function, key risks involved and challenges, emerging themes, the role of regulation and Solvency II and perspectives from risk sellers and buyers.

Location

Free Conflicts of Interest Events: The Conflicts of Interest Working Party will be holding interactive sessions on the new conflicts of interest package in Autumn/Winter 2012 across the UK, Ireland and the Channel Islands. Members from the Working Party will be the presenters at each event.

The event structure will be a short presentation on the conflicts package followed by 45 minutes of facilitated case study examples, with participants being divided into small groups, which is then followed by a Q&A session. We have taken on board our members’ feedback that geographical areas should be particularly focussed on specific practice areas so we have tried to divide the sessions into specific practice area focuses depending on where the session is to be held.

In the meantime, if you have any feedback about the conflicts package or have any case studies you think might form the basis for group discussions in the new professional skills courses in 2013 which are going to focus on conflicts, please send your comments and thoughts to conflicts@actuaries.org.uk

Location

This event is currently fully booked. To be added to the waiting list contact Hannah Watson.

About the event

Presentation of research findings commissioned by the Actuarial Profession.

Economic growth has received significantly more attention globally over the last few years. While traditional growth has been very visible through the consumption of resources, the resources required to sustain the current level of economic growth may not be available over the next decades. Constraints on available resource, and any associated political interventions, may limit global economic growth over the upcoming decades.

The findings of the research commissioned by the Profession will be presented by the lead author, Dr Aled Jones, Director of the Global Sustainability Institute (GSI) at Anglia Ruskin University. The research team’s report, Resource constraints: sharing a finite world. Implications of limits to growth, covers the consequences of Limits to Growth in the broadest context, its findings are relevant to the work of actuaries in every technical discipline.

Copies of the full research and an abridged version of the research will be available to attendees of this event on the day; otherwise the research will be published on Monday 20th January 2013.

Free Conflicts of Interest Events: The Conflicts of Interest Working Party will be holding interactive sessions on the new conflicts of interest package in Autumn/Winter 2012 across the UK, Ireland and the Channel Islands. Members from the Working Party will be the presenters at each event.

The event structure will be a short presentation on the conflicts package followed by 45 minutes of facilitated case study examples, with participants being divided into small groups, which is then followed by a Q&A session. We have taken on board our members’ feedback that geographical areas should be particularly focussed on specific practice areas so we have tried to divide the sessions into specific practice area focuses depending on where the session is to be held.

In the meantime, if you have any feedback about the conflicts package or have any case studies you think might form the basis for group discussions in the new professional skills courses in 2013 which are going to focus on conflicts, please send your comments and thoughts to conflicts@actuaries.org.uk

Please note, that as a result of member feedback, we will be trialling a new ‘enhanced networking initiative’ at this sessional research meeting.

The purpose of this initiative is to improve integration and networking among members, with particular focus on making those who are newly qualified or new to events, feel encouraged to approach more experienced members and become integrated into the actuarial community.

At each meeting, members who have particular experience in the topic area or those who are happy to be approached by new members and share their experience will be asked to wear a yellow ribbon on their name badge.

We would invite all those members who are happy to wear a yellow ribbon on their name badge to signal that they encourage any member to approach them and ask questions about the sessional meeting, chat or even just to introduce themselves to get in touch with Event Management.

Location

Programme to follow shortly, book your place now to ensure you receive the early bird discount!

Why attend?

The implementation of Solvency II will affect every general insurance actuary. One of the greatest challenges is the role of the actuarial function and what is meant by the actuarial function?

Some of the roles required to be fulfilled by the actuarial function are new to most actuaries (the opinions on underwriting and Reinsurance policy) and the guidance is open to interpretation. This seminar offers a chance to hear the approach taken by various companies and actuaries and to discuss any questions, problems or issues this raises.

Topics covered will include:

Actuarial function: What does this mean? How is it different to the Actuarial Department?

Technical provisions: What is meant by the opinion on the TPs? What is meant by the sufficiency of the TPs? How detailed should the testing of TPs be? How should the process be co-ordinated and to what extent do actuaries need to be involved throughout the process?

Underwriting policy: What does it mean for an overall underwriting policy to be adequate? How do we measure this? How can anti-selection be monitored if at all?

Reinsurance policy: How is reinsurance program defined to be adequate?

Risk management: What should the actuarial function be doing in terms of risk management? Is the risk management team part of the actuarial function?

Who should attend?

The programme has been designed to inform, encourage thought and provoke discussion. It offers the chance to hear from an impressive group of speakers, to engage in debate on the actuarial function and to network with other general insurance actuaries. The seminar should be of value to all qualified and nearly-qualified actuaries working in or advising on the general insurance markets.

The Bank of England began a policy of buying gilts in 2009 as a means of reducing long-term interest rates and supporting the economy. Falls in gilt yields have probably led to capital gains on other assets such as equities and corporate bonds as well as gilts, but they have also meant that annuity rates have fallen further. Dr Weale explains the background to the policy and the effects that the Bank believes it has had on the economy, including on the distribution of resources between different types of household.

Who should attend?

The forum will be of interest to anyone who wants a better understanding of the Bank’s policy and its consequences.

Location

Please book online to guarantee your place. The paper for this event will be available shortly, please check back soon.

Meet the authors: 16:30 - 17:00

Registration: 17:00 - 17:30

Programme: 17:30 - 19:00

Drinks reception: 19:00 - 20:00

Please note, that as a result of member feedback, we will be trialling a new ‘enhanced networking initiative’ at this sessional research meeting.

The purpose of this initiative is to improve integration and networking among members, with particular focus on making those who are newly qualified or new to events, feel encouraged to approach more experienced members and become integrated into the actuarial community.

At each meeting, members who have particular experience in the topic area or those who are happy to be approached by new members and share their experience will be asked to wear a yellow ribbon on their name badge.

We would invite all those members who are happy to wear a yellow ribbon on their name badge to signal that they encourage any member to approach them and ask questions about the sessional meeting, chat or even just to introduce themselves to get in touch with Event Management.

GCASP2 is designed to provide guidance to actuaries when issuing an Actuarial Function Report to meet Solvency II requirements. Both the Institute and Faculty of Actuaries and the FRC will be providing a response to the exposure draft so we invite you to come along and provide your valuable input to this process.

If you are interested in participating in this discussion please contact Karen Cross.

Location

Free Conflicts of Interest Events: The Conflicts of Interest Working Party will be holding interactive sessions on the new conflicts of interest package in Autumn/Winter 2012 across the UK, Ireland and the Channel Islands. Members from the Working Party will be the presenters at each event.

The event structure will be a short presentation on the conflicts package followed by 45 minutes of facilitated case study examples, with participants being divided into small groups and which is then followed by a Q&A session. We have taken on board our members’ feedback that geographical areas should be particularly focussed on specific practice areas so we have tried to divide the sessions into specific practice area focuses depending on where the session is to be held.

In the meantime, if you have any feedback about the conflicts package or have any case studies you think might form the basis for group discussions in the new professional skills courses in 2013 which are going to focus on conflicts, please send your comments and thoughts to conflicts@actuaries.org.uk